Tag Archives: SEC

The average millennial checks his or her smartphone 45 times a day and learns about news online primarily through Facebook and Twitter, according to a new survey. Search engines and email, the “more traditional” venues, rank well below social media as a source of information. The Securities and Exchange Commission has suspended trading in Cynk… Continue Reading

The latest issue of our Socially Aware newsletter is now available here. In this issue of Socially Aware, our Burton Award-winning guide to the law and business of social media, we analyze a groundbreaking FTC complaint alleging deceptive practices online that could turn website Terms of Use into federal law; we summarize a U.S. Supreme… Continue Reading

The staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC) recently provided guidance on applying its rules regarding communications in connection with securities offerings, tender offers, business combinations and proxy contests when statements are made utilizing certain social media channels. The staff’s guidance permits the use of a hyperlink… Continue Reading

Acknowledging the growing demand by consumers for information through social media, the Division of Investment Management set some ground rules on how investment advisers can use social media and publish advertisements featuring public commentary about them from social media sites. Under the new rules, investment advisers may refer to commentary published in social media without… Continue Reading

Today’s consumers want to engage in a new way with the companies from which they buy goods and services. Although some UK financial services organisations are leading the way in terms of their use of social media, on the whole, engagement in social media by UK financial services firms is still relatively limited. This is… Continue Reading

When the Securities and Exchange Commission lifted the ban on general solicitation and general advertising for private offerings of securities, can marketing blitzes on Twitter and other social media sites be far behind? It is not likely that we will see hedge funds aggressively touting investments on Twitter, or on bus shelters or milk cartons… Continue Reading

On April 2, 2013, the U.S. Securities and Exchange Commission (SEC) issued guidance in the form of the Report of Investigation under Section 21(a) of the Securities Exchange Act of 1934 which indicates that social media channels—such as Twitter and Facebook—could be used by public companies to disseminate material information, without running afoul of Regulation… Continue Reading

Following this morning’s meeting, the Commission has published its proposed rules: http://www.sec.gov/rules/proposed/2012/33-9354.pdf Summary The SEC published its guidance today as a proposed rule, with a comment period, and not as an interim final rule. The SEC proposes to amend Rule 506 to provide that the prohibition against general solicitation contained in Rule 502(c) shall not… Continue Reading

At a meeting this morning, the SEC voted to propose rules relaxing the ban on general solicitation for certain offerings conducted pursuant to Rule 506 and resales under Rule 144A. In a meeting that lasted approximately 45 minutes, the Staff outlined the principal aspects of the proposed rules. The Staff indicated that it was proposing… Continue Reading

“Crowdfunding” or “crowdsourced funding” is a new outgrowth of social media that provides an emerging source of funding for a variety of ventures. Crowdfunding works based on the ability to pool money from individuals who have a common interest and are willing to provide small contributions toward the venture, which potentially collectively add up to… Continue Reading

About Socially Aware

Social media sites are transforming not only the daily lives of consumers, but also how companies interact with consumers. Here at Morrison & Foerster, across all of our practice groups, we are seeing complex, cutting-edge legal issues arising out of social media. As with the Internet boom during the mid-to-late 1990s, social media is generating new legal questions at a far faster pace than the law’s ability to provide answers to such questions. In an effort to stay on top of these emerging issues, and to keep our clients and friends informed of new developments, Morrison & Foerster publishes this blog devoted to the law and business of social media.

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